Article published on http://www.worldbank.org on July 13, 2016.
The single most crucial component in rejuvenating decaying urban areas around the world is private sector participation, according to a report released today from the World Bank and the Public Private Infrastructure Advisory Facility (PPIAF) during the World Cities Summit taking place in Singapore this week.
“Urban regeneration projects are rarely implemented solely by the public sector. There is a need for massive financial resources that most cities can’t meet,” said Ede Ijjasz-Vasquez, Senior Director for the World Bank’s Social, Urban, Rural and Resilience Global Practice. “Participation from the private sector is a critical factor in determining whether a regeneration program is successful – programs that create urban areas where citizens can live, work, and thrive.”